Peter Orszag calls for a "combo deal" of upfront stimulus and long-term deficit reduction because it would be less risky, offer more growth, and be more likely to be enacted than a stimulus-only approach.

Charles A. Kupchan argues that though it is not too late to save the euro, it is growing too late to save the E.U, as restoring confidence in Europe's integration will prove both more decisive and more elusive.

The EU Fiscal Compact, also known as the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, was signed on March 2, 2012 by EU member states except the UK and Czech Republic.